12:58 PM EDT, 08/13/2024 (MT Newswires) -- US equity indexes jumped while government bond yields declined after July's headline and core producer price inflation came in cooler than forecast.

The Nasdaq Composite jumped 2% to 17,121.1, with the S&P 500 up 1.4% to 5,417.2 and the Dow Jones Industrial Average 0.8% higher at 39,681.3. All sectors except energy were in the green intraday.

The CBOE's Volatility Index (VIX), known as the fear gauge, dropped 7.6% to 19.14.

In economic news, the US Producer Price Index rose by 0.1% in July following a 0.2% increase in June, below the 0.2% gain expected in a survey compiled by Bloomberg. After excluding food and energy prices, the core PPI held steady, below the 0.2% gain expected and following a 0.3% increase in the previous month. PPI was up 2.2% year-over-year in July, while core PPI was up 2.4% year-over-year, a slowdown from June rates.

Most Treasury yields fell, with the 10-year down 5.3 basis points to 3.86% and the two-year rate 6.7 basis points lower at 3.95%.

West Texas Intermediate crude oil dropped 1.8% to $78.51 a barrel.

In company news, Starbucks ( SBUX ) said Brian Niccol has been named chair and chief executive officer, effective Sept. 9. Laxman Narasimhan has stepped down as CEO and a board member, the company said. Chief Financial Officer Rachel Ruggeri will serve as interim chief executive until Niccol, who currently serves as Chipotle Mexican Grill's ( CMG ) chair and CEO, takes over, Starbucks ( SBUX ) said. Shares of Starbucks ( SBUX ) soared 20% intraday, the top gainer on the S&P 500 and the Nasdaq. Shares of Chipotle slumped by more than 9% intraday, the worst performer on the S&P 500.

Gold rose 0.2% to $2,508.21 an ounce, and silver climbed 1% to $27.73.